Most of the American adults feel that they are financially insecure and not stable, especially those with high school diplomas or lower, a new survey commissioned by Champlain College Online found.
Conducted by Full Circle Research, the Adult Viewpoints 2019: Economic Security and Advancement in the Workforce survey found that 48 percent of millennials, Generation X, and baby boomers find themselves “somewhat” or “very” financially insecure.
The research firm surveyed 1,004 adults in the workforce between the ages of 21 and 72 representing three generations out of which only 8 percent reported feeling financially very secure.
The level of financial security heavily relied on the level of education. About 51 percent of those with a master’s degree or higher reported being more financially secure as compared to those with a high school diploma or less.
When compared to their parents, 40 percent of the respondents across three generations felt “much less” or “somewhat less” financially secure.
Also, many adults are not happy with their current jobs. Nearly 39 percent are either unsure or do not see a future in their current career field while others think that they don’t have the necessary skills to keep up with changes in their fields.
“For Americans of all ages, the economic opportunities that follow from pursuing higher education are making a greater difference than ever to their financial security,” said Dr. Laurie Quinn, interim president of Champlain College.
“Moving up the career ladder in a time of more automation and less wage growth means continuing to learn and re-skill through degree and training programs that offer quality, relevance, and affordability.”
On a positive note, the survey found wide support for upgrading skills including attending school to climb the career ladder. Nearly 37 percent said they would take an online certificate course at a college or university, 27 percent would pursue a master’s degree online while another 25 percent would pursue a bachelor’s degree online.
Arizona State University, Infosys Partner to Develop Workforce
